The 30-second spot, breaking nationally on Monday, will support what is claimed to be the biggest-ever on-pack promotion for Diet Coke, which will allow consumers to win movie-related prizes.
Lowe produced the commercial, its first for Diet Coke since picking up the account in July last year.
Filmed in Los Angeles, the ad features the glamorously dressed actress in the back of a limousine mocking herself and recalling the awful jobs she did to become a star. She expresses her amazement that people can so easily win her hard-earned celebrity lifestyle simply by drinking Diet Coke.
The commercial's aim is to sustain and extend Diet Coke's position as the number-two soft drink in Britain with a sales growth of more than 8 per cent, according to Nielsen Media Research.
The promotion offers the chance to attend West End film premieres and win Blockbuster videos and DVDs.
Charlotte Oades, the Coca-Cola UK marketing director, said: "We know that the glamour and excitement of the movies holds great appeal for British consumers."
The commercial was written and art directed by Sarah Naughton and Alistair Ross and directed by Jesse Peretz at Cowboy Films, with media by Universal McCann.
Basinger's last appearance in a major UK ad campaign was in 1997 when she featured in a Peugot 406 ad by Euro RSCG Wnek Gosper.